21 February 2023, EUR/USD
EURUSD trading plan:
US consumer sentiment rebounded in February to the highest level since January 2022, adding to the narrative that if the economy does indeed fall into a recession, it will likely be short and shallow. Highlights from the University of Michigan Sentiment release for February included the following: current conditions improved significantly in February, reaching the highest level since December 2021. This is a positive signal for the dollar. Inflation expectations rose in February, but are still below December’s rate and were most likely driven up by the recent strong jobs report. Long-term inflation expectations are well-anchored at 2.9%, unchanged for the third consecutive month. This is a negative signal for the dollar.
Investment idea: range 1.0630 - 1.0740.
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